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When you pay off your loan, and you have a mortgage, the lender will send you, or the local recorder of deeds or office that handles the filing of real estate documents, a release of mortgage. This release of mortgage gets recorded or filed and gives notice to the world that the lien of the mortgage is no more.
When you pay off your loan, and you have a mortgage, the lender will send you, or the local recorder of deeds or office that handles the filing of real estate documents, a release of mortgage. With a deed of trust you temporarily hand over control of the title to your property to the lender for security purposes.
When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked paid or cancelled. This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
Contact your lender to ask for the documents to be released. Obtain and save the original documentation related to your mortgage and loan. Verify with your local records office that your mortgage has been canceled.
You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.
Get a satisfaction of mortgage statement. Be sure your mortgage papers are filed. Follow the lender's rules if you're paying off the loan early. Cancel the automatic deduction plan. Ensure that your homeowner's insurance and property taxes will continue getting paid. Be sure your escrow balance is returned.
When you pay off your mortgage you might be required to pay the mortgagee (the lender) a final fee to cover administration and the return of your deeds). At this time your deeds will be sent to you for safekeeping. You can either keep them safe or ask your bank or solicitors to hold them for you.
When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked paid or cancelled. This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
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